ISLA members had expressed particular concerns over the timing of reporting transactions with EU central banks, and whether they would be expected from the implementation date of MiFID II.
But ISLA clarified on 4 April, following publication of the MiFID II transaction reporting standards: “The reporting of transactions with EU central banks is not expected from the implementation date of MiFID II (3 January 2018), but is aligned with the start of Securities Financing Transactions Regulation (SFTR) reporting requirements.”
ISLA is planning to publish a briefing paper on the direct impacts of MiFID II on securities finance transactions soon.
The European Securities and Markets Authority (ESMA) issued its final standards for implementing SFTR on the same day.
ESMA’s final standards provide detailed provisions on a range of issues, including the use of ISO 20022 methodology for reporting, validation and access to data, the use of standardised identifiers such as LEI, UTI and ISIN, defined access levels for different public authorities, and the registration and extension of registration of trade repositories.